Generating Maximum Case Value Using the Pareto Principle With Dustin DeVaughn

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Generating Maximum Case Value Using the Pareto Principle With Dustin DeVaughn

You may have heard of the Pareto Principle — also known as the 80/20 rule. But do you know how to utilize this principle to generate maximum value for your business?

At its core, the Pareto Principle is about identifying an entity’s best assets and using them to create maximum value. The rule states that 80% of your results are attributed to 20% of your causes. In regard to law firms, this means that typically, 80% of your revenue comes from the top 20% of your cases.

So what steps should you take to apply the Pareto Principle in your business? In Dustin DeVaughn’s law firm, they apply the principle to many areas, including wealth management, personal finance, sales, customer service, and business decisions. After filtering out the top 20% of cases that generate the most revenue, Dustin and his team were able to decide where to put the majority of their money and keep expenses low on the other 80% of cases.

Think of it this way: if you’re winning $1,000 for a client, you don’t want to pay $500 on top-tier resources. But with a high-value client, you could spend $5,000 on resources that result in a $100,000 win.

However, there are some common misconceptions you should avoid. The 80/20 rule does not mean that you should focus all of your attention on the top 20% of clients. You want to ensure that resources are dispersed fairly and make sense for the value level of each case. When you do so, all cases and clients benefit because you’re being smart about how you disperse your dollars.

Listen to this episode of The Judd Shaw Way Podcast with Judd Shaw featuring Dustin DeVaughn, Partner at DeVaughn James Injury Lawyers. Together, they discuss how to apply the Pareto Principle to your business, how it can create maximum value, and the benefits it can bring to your firm across departments and cases.

In this episode:

• [1:12] Judd Shaw introduces his guest, Dustin DeVaughn, and today’s topic: the importance of a Pareto analysis
• [2:27] What is the Pareto Principle (the 80/20 rule), and why is it important?
• [4:47] Prioritizing high-value cases
• [7:17] Misconceptions law firms should avoid regarding the Pareto Principle
• [10:44] Dustin goes through his process of utilizing the Pareto analysis and improving the firm’s profitability
• [15:44] How smaller cases benefit from the 80/20 rule
• [18:32] Why it’s important to sit down with clients and learn from them
• [19:58] Dustin details the history of DeVaughn James Injury Lawyers — and what they’re currently doing in the community
• [24:14] Dustin dishes fun facts on his firm partners, Cody and Richard

🎙️ Featured Guest 🎙️

Name: Dustin DeVaughn

Short Bio: Dustin DeVaughn is a Partner at DeVaughn James Injury Lawyers. From 2009 to 2019, he was named as one of the “Top 100 Trial Lawyers” by the American Trial Lawyers Association and as a “Super Lawyer” since 2009 by the Missouri & Kansas Super Lawyers magazine. Dustin has an unprecedented jury trial record and a history of multi-million dollar jury verdicts.

Company: DeVaughn James Injury Lawyers

Connect: Website

🔑 Relevant Resources 🔑

• DeVaughn James Injury Lawyers’ Phone Number: 316-888-8888
• DJ WINS for Kansas
• Chad Dudley
• Micki Love
• Arnie Malham
• Bill Biggs

This podcast is designed for general information purposes only. Nothing on this podcast should be taken as legal advice for an individual case or situation. This information is not intended to create, and viewing does not constitute, an attorney-client relationship. No aspect of this advertisement has been approved by the Supreme Court. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Those with legal questions should seek the advice of an attorney.